Ahead Of The Release Of Economic Data, Bitcoin Closes To The Level Of IDR 1.016 Billion

Bitcoin prices skyrocket again (photo: Unsplash)

JAKARTA - After facing pressure over the weekend, on Tuesday, May 14 at 08:00 WIB Bitcoin (BTC) was perched at US$62,795 (Rp1.012 billion), up 2.86 percent over the past 24 hours.

Financial Expert Ajaib Kripto Panji Yudha sees that this Bitcoin increase has had a positive impact on altcoins, especially memecoins such as PEPE +16.65 percent, FLOKI +12.82 percent, as well as DOGE, BOME, and BONK which have increased above 7 percent in the last 24 hours period.

In addition, this week, Panji said that investors will face a series of economic data, which is expected to be the main driving catalyst for the current crypto market.

On Tuesday, May 14, the United States will release data on the Produsen Price Index (PPI) while a day later on Wednesday, May 15, they will release the Consumer Price Index (CPI).

"If the data released is appropriate or lower than expected, it will trigger optimism that has the potential to push Bitcoin up above US$65,000 (Rp1,048 billion), while if data appears above market expectations, it will potentially bring Bitcoin back down to the range of US$56,000-57,000 (Rp903-919 million)," said Panji.

Panji melanjutkan, di mana saat ini trader juga sangat responsif dan sensitif terhadap pidato Jerome Powell, khususnya ketika pernyataan terkait keputusan kebijakan yang ingin diambil oleh The Fed.

Overall, investors did not expect a drop in interest rates at the next Fed meeting in June. "The focus is now on September for the first interest rate drop in 2024," he said.